Thursday, December 19, 2013

Beech Street Capital Closes $6.7 Million Freddie Mac Loan to Acquire Pensacola, FL Apartment Complex


Meadowrun Apartments, Pensacola, FL

                          

Monica Schroeder

BETHESDA, MD – Beech Street Capital announced it provided a $6.7 million Freddie Mac CME loan for the acquisition of Meadowrun, a 200-unit, garden-style apartment complex in Pensacola, Florida.

Chad Thomas Hagwood, executive vice president and Monica Schroeder, vice president in Beech Street’s Birmingham, Alabama office, co-originated the transaction.  Brandon Pate managed the transaction for Beech Street.

 “The transaction is an example of the benefits for the borrower of working with a team that understands their business model and can provide one of the most streamlined agency processes in our industry,” Hagwood says. 


Chad Thomas Hagwood
 “We closed the deal in approximately 40 days.”

 Having managed the property, the borrower was in an excellent position to assess the value of ownership. 

Meadowrun is a well-maintained Class B apartment community that consists of 17, two-story apartment buildings. 

Since 2010, 45 units have been upgraded with new plumbing fixtures, lighting fixtures, cabinets, flooring (carpet/vinyl), dishwashers and countertops. 

Community amenities include a clubhouse/leasing office with wood-burning fireplace and wet bar, fully equipped fitness center with new equipment, two swimming pools with Jacuzzi, laundry facilities, and landscaped walking paths. 


Brandon Pate



   The fixed-rate loan has seven-year term and amortization of 30 years payable on an actual/360 basis.

  For a complete copy of the company’s news release, please contact:

Courtney Lewis at 240-507-1948 or
Jenifer Bernardi at 240-507-1946.


 

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